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Economic Principles Introduction

Just getting started in economics? This is your place to cover the basic economic principles, the key building blocks you'll need to put together a solid understanding of more complicated economic issues later on.

But first thing's first:

What is economics?
Why does scarcity matter?
What are opportunity costs?
What factors allow economic production?
How do societies measure economic success or failure?

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  • What is an opportunity cost?
  • What is measured in GDP?
  • If a nation’s national income and GDP increase does that mean that the nation’s people are doing better economically?

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